Wanda's 2020 Performance in Service Sector Beats Expectations


In 2020, industries across China were hard hit by COVID-19 pandemic. And the service sector received an even bigger blow. Under the leadership of the CPC Central Committee with President Xi Jinping at the core, Wanda Group took initiatives and effective actions, and with strong brand influence and operation abilities, Wanda's brick-and-mortar businesses achieved outstanding results in 2020 and beat market expectations.

In 2020, vacancy rate at Wanda Plazas was 0.6% and rent collection rate was 99.9%. In order to support small and medium-sized businesses during the height of the pandemic, Wanda Plazas across China instituted rent waiver for all tenants which totaled to over 4.33 billion yuan. Without considering the rent waiver, rents collected by Wanda Plazas nationwide in 2020 saw an increase of 8.1% year on year.


Taking the fourth quarter of 2020 as an example, foot traffic and sales increased by 6.4% and 15.8% year on year respectively at 368 Wanda Plazas; consumer visits at comparable Wanda Plazas rebounded to 97.4% of the 2019 level; sales revenue at comparable Wanda Plazas increased by 7.7% year on year. According to the National Bureau of Statistics, revenue at brick-and-mortar businesses grew by -4.4% in the same period.

In the fourth quarter of 2020, Wanda Films' domestic box office recovered to 86.5% of the level seen in the same period in 2019. According to government data, national box office’s recovery rate was 73.6%, indicating Wanda's recovery was 12.9 percentage points higher than the national average. In 2020, Wanda Films' market share reached 15.4%, up 1.2 percentage points from 2019. Attendance at Wanda Cinemas was 1.5 times the national average, and the output of single screen at Wanda Cinemas was 1.9 times the national average.

In the fourth quarter of 2020, foot traffic at Wanda Kidsplace recovered to 91% of the 2019 level, while its revenue recovered 100%.

Revenue of Wanda Hotels & Resorts in the fourth quarter recovered 102.7%. According to an authoritative third-party report, performance of Wanda Hotels & Resorts was 20% higher than the national average; Wanda Hotels & Resorts scored 94.9 points for operational quality and beat all international hotel management groups in China.

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